In addition, Tepper said price appreciation in equities is going to slow down in the next few months while volatility is likely to rise.
“So we have overweight positions in defensive sectors such a health care, but we also like the energy sector in addition to that,” said Tepper. (Scroll down to see his full picks.)
In the meantime, Hugh Johnson, chairman and CIO of Hugh Johnson Advisors, said despite the recent pullbacks, this is merely a correction in an "ongoing bull market.”
“You should use this weakness to add to long positions,” advised Johnson. “[But] it’s not quite the right time to put money into the market—the technicals have got to get better.”
Guggenheim China SmCap
IShares S&P 500
IShares DJ US Energy
Scorecard—What They Said:
- Johnson's Previous Appearance on CNBC (Mar. 24, 2011)
- Tepper's Previous Appearance on CNBC (Mar. 8, 2011)
More Market Intelligence:
CNBC Data Pages:
Tepper, his family and firm are long HAO, IVV and IYE.
Johnson and his firm own shares of HAS, APA, UTX and TXN.